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MIAX · NYSE · Financial - Capital Markets

Miami International

Operates options-led exchanges spanning U.S. securities, futures, and international listings.

$42.80

After-hours close−0.20 (−0.47%)

At close$43.00(−2.38%)

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Profile

Miami International Holdings, Inc. MIAXFinancials

Operates regulated marketplaces for U.S. options and equities, futures trading and clearing, and international securities listings. Revenue comes from transactions, access, market data, clearing, and listing services, with options providing most of the business and proprietary technology shared across its U.S. securities venues.

Operates four U.S. options exchanges—MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire—alongside MIAX Pearl Equities. Transaction fees, connectivity and access charges, market-data sales, and index licensing generate revenue, with options contributing most of the business.

Extends the network through MIAX Futures and Dorman Trading, which provide futures trading, clearing, and brokerage services, while the Bermuda Stock Exchange and The International Stock Exchange provide international listing venues. Reuses an in-house trading platform across the U.S. options and equities markets and runs futures on its Onyx platform. Exchange fees and operations remain subject to securities and derivatives regulators, while trading activity, member connectivity, market-data demand, and clearing relationships shape revenue.

Company facts

CEOThomas P. Gallagher

ListedAug 14, 2025

ExchangeNYSE

HeadquartersPrinceton, NJ

CountryUnited States

Employees439

CIK0001438472

ISINUS59356Q1085

Key statistics

Market cap$4.16B

EPS (ttm)$1.81

P/E (ttm)23.76

ROE14.5%

P/B3.56

P/S2.84

Dividend yield—

Beta0.66vs XLF 0.71

Year to date −1.5% · Average volume (30d) 1.2M

Analysts

Price target, next 12 months$53.00+23.3%Median of 5 analysts · vs the Aug 28 close

ConsensusBuy3 of 5 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $43.00

High$53.00+23.3%

Median$53.00+23.3%

Low$53.00+23.3%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Prior target	Target
Jul 10, 2026	Morgan Stanley	Reiterate	Overweight	$50	$53
Apr 10, 2026	Morgan Stanley	Reiterate	Overweight	$48	$50
Nov 4, 2025	Morgan Stanley	Reiterate	Overweight	$45	$48
Nov 4, 2025	Piper Sandler	Reiterate	Overweight	$48	$52
Oct 14, 2025	Piper Sandler	Target			$48

Earnings

EPS

Estimate$0.39

ReportedDue Nov 4, 2026

Revenue

Estimate$135.8M

ReportedDue Nov 4, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 5, 2026Q2 FY26	$0.41	$0.48	+17.5%	$135.9M	$141.1M	+3.9%	−1.09%
May 6, 2026Q1 FY26	$0.36	$0.42	+16.7%	$122.8M	$128.6M	+4.7%	+4.36%
Feb 25, 2026Q4 FY25	$0.41	$0.52	+26.8%	$120.6M	$124.5M	+3.2%	+2.10%
Nov 5, 2025Q3 FY25	$0.31	$0.42	+35.5%	$120.6M	$339.8M	+181.6%	+2.60%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$327.1M	$327.8M	$339.8M	$369.4M	$369.7M	$387.6M
Gross profit	$91.9M	$104.7M	$109.5M	$124.5M	$112.4M	$141.1M
Operating income	$22.3M	$27.3M	−$305.0K	$42.7M	$43.4M	$27.8M
Net income	−$21.4M	$23.5M	−$102.1M	$29.9M	$170.2M	$44.2M
Diluted EPS	−$0.27	$0.30	−$1.46	$0.43	$2.44	$0.40
Gross margin	28.1%	31.9%	32.2%	33.7%	30.4%	36.4%
Operating margin	6.8%	8.3%	-0.1%	11.6%	11.7%	7.2%

Fiscal years (4-quarter sums)FY24 $1.14B · FY25 $1.36B

Revenue by product · Q2 FY26

Transaction And Clearing Fees$331.9M · 86%

Access Fees$34.9M · 9%

Market Data Fees$12.2M · 3%

Product And Service, Other$8.6M · 2%

Balance sheet, Jun 30, 2026Cash & short-term investments $660.5M · Total debt $1.5M · Total assets $1.60B · Shareholders' equity $1.15B

Dividends

No dividends on record.

Ownership

Institutions 75.35%72.93M sharesInsiders 13.98%13.53M sharesOther 10.67%10.32M shares

Shares outstanding 96.79M · Float 86.27M · 89.1% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Horizon Kinetics Asset Management LLC	7.84M	8.10%	13F	Aug 11, 2026
T. Rowe Price Investment Management, Inc.	5.03M	5.30%	13G	Aug 14, 2026
BlackRock, Inc.	4.95M	5.10%	13G	Jul 29, 2026
Murray Stahl · director	4.63M	4.79%	Form 4	Mar 6, 2026
Vanguard Portfolio Management LLC	3.79M	3.91%	13F	Aug 13, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 19, 2026	Thomas P. Gallagher	director, officer: Chairman & CEO	−149,700	$41.13
Aug 17, 2026	Cynthia Schwarzkopf	director	−5,000	$42.85
Aug 17, 2026	Lance Emmons	officer: EVP and CFO	−35,000	$42.83
Aug 4, 2026	Thomas P. Gallagher	director, officer: Chairman & CEO	−48,334	$45.69
Aug 4, 2026	Douglas M. JR Schafer	officer: EVP and CIO	−48,000	$45.71